Frankfurt, April 30 (Bloomberg) -- Money supply growth in the 12 nationssharing the euro accelerated in March, remaining above the EuropeanCentral Bank's reference value and reducing the scope for a cut in interestrates. Growth in the M3 measure of money supply, which the ECB regards as anindicator of future inflation, climbed to 5 percent in March from 4.7 percentin February, the ECB said. The bank's target for annual M3 growth is 4.5percent. The surge in M3 growth, coupled with inflation that's remained above theECB's 2 percent target for the 10th month, make it unlikely the ECB will cutrates in coming weeks. Preliminary reports for April from Germany and Italy,the regions number 1 and 3 economies, suggest consumer prices mayincrease further. ``There are no indications of falling inflation,'' said Roland Nolte, economistat IKB Deutsche Industriebank AG in Dusseldorf. ``The ECB is unlikely tocut rates before June.''